Goodmortgage Mortgage Review 2021

By Mitch Strohm

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

Goodmortgage

NMLS: 2917

State License: MC-436

3.6

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Loans offered

Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate (ARM); refinancing options include rate-and-term refinancing and cash-out refinancing; non-qualified mortgage (non-QM) loans, home equity loans
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Nationwide availability

Available in all U.S. states except Hawaii and New York; not available in U.S. territories
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Min. credit score required

620 for conventional loans; 530 for FHA loans; 530 for VA loans; 530 for USDA loans; 620 for second liens; 500 for non-QM loans

Pros and cons

Pros

  • Programs for borrowers with slim credit
  • Low-down payment loan programs
  • Offers non-qualified mortgage (non-QM) loans
  • Fast loan closing times
  • Free rate quote online

Cons

  • Doesn't offer immediate online approval; you have to speak to a loan officer
  • Doesn’t publish lender fees on its website
  • No brick-and-mortar locations

Goodmortgage overview

Goodmortgage is a full-service online lender offering mortgage options to borrowers of all types, including those with prior credit issues and little money for a down payment. Founded more than 20 years ago, Goodmortgage is the retail lending arm of First Guaranty Mortgage Corporation (FGMC). FGMC is a full-service wholesale and correspondent lender headquartered in Plano, Texas. It purchased Goodmortgage in 2016.

Loan types

  • Conventional
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate (ARM)
  • Rate-and-term refinancing
  • Cash-out refinancing
  • Non-qualified mortgage (non-QM) loans
  • Home equity loans

Lender fees

Goodmortgage does not provide lender fee information on its website. Keep in mind most lenders charge at least an origination and application fee.

If you’re looking to keep lender fees low, Goodmortgage offers a number of programs that can lower your obligation at closing. FHA, USDA and VA loans may allow you to wrap closing costs into your overall monthly payment, and sometimes they provide the option for the seller to contribute to costs at closing.

Minimum borrower requirements

Goodmortgage generally follows Fannie Mae’s underwriting guidelines for conventional mortgages. Borrowers need a credit score of 620 or better, a down payment of at least 5 percent and a DTI of at least 43 percent. For HomeReady and HomePossible mortgages, borrowers can put down as little as 3 percent.

FHA programs through Goodmortgage require a 530 credit score or better and a down payment of at least 3.5 percent. The lender doesn’t publish DTI requirements, but you’ll generally need a DTI of 50 percent or lower.

Goodmortgage also offers non-qualified mortgage (non-QM) products that allow for a credit score as low as 500.

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Goodmortgage consumer reviews

4.1

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9 reviews

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7
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Customer service rating

Knowledge
4.3
Level of service
4.3
Professionalism
4.0
Responsiveness
4.1

78% of reviews would recommend this lender

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